City’s Subordination to Lenders Sample Clauses

City’s Subordination to Lenders. City shall subordinate the BMR Regulatory Agreement to the lien of any deed of trust or mortgage of any lender (including any credit enhancer or guarantor and also including construction lenders as well as permanent lenders) for any project subject to a BMR Regulatory Agreement. If a default delays initial occupancy of Required BMR Units or removes them from the market, then the term of the Regulatory Agreement with respect to those units shall be extended by an equal amount of time. Extension of the term of affordability is not the City's sole remedy in such event. (For 70 BMR Unit Alternative) This document is recorded for the benefit of the City of Palo Alto and is entitled to be recorded free of charge in accordance with Section 6103 of the Government Code After Recordation, mail to: OFFICE OF THE CITY ATTORNEY 000 Xxxxxxxx Xxxxxx Palo Alto, CA 94301 BELOW MARKET RATE HOUSING AGREEMENT BETWEEN STANFORD UNIVERSITY AND CITY OF PALO ALTO 2450, 2470, and 0000 Xx Xxxxxx Xxxx [and 000 Xxxxxxxxxx Xxxxxx] Xxxx Xxxx, Xxxxxxxxxx A.P.N. Nos. 000-00-000, 000-00-000, 000-00-000[, and 000-00-000] [Note: Include bracketed address and APN only if included in Project. If not used, delete brackets and inapplicable address and APN. Delete this Note.] THIS AGREEMENT, made and executed this day of , 20 , by and between the CITY OF PALO ALTO, a municipal corporation of the State of California, hereinafter referred to as "City", and THE BOARD OF TRUSTEES OF THE XXXXXX XXXXXXXX JUNIOR UNIVERSITY, a body having corporate powers under the laws of the State of California, hereinafter referred to as "Stanford";